Clarendon Lawyers is proud to announce that it has advised private equity firm Queens Lane Capital (QLC) on a roll-up of three Australian stone and tile businesses – Signorino (a premium tile and stone importer and retailer), Dellermay (a leading supplier and installer of tile and stone) and Multiform (a supplier and manufacturer of high quality laminate and stone).

QLC is a private equity investment firm recently established by Larry Kestelman,the founder of Dodo and the LK Group, and his partners Nicholas Tsoumanis and Boris Rozenvasser. QLC focuses on mid-market leveraged buyouts, growth equity investments, consolidations, carve-outs and turnaround situations. This transaction is QLC’s first investment.

QLC has combined the three family-owned businesses into the newly formed “Petra Industries” group. QLC holds a majority stake in the aggregated group, alongside the founders of each of the target companies who continue to be actively involved in the management of the businesses. With the benefit of QLC’s expertise and the resources of the wider LK Group, Petra Industries is expected to become a leader in the stone and tile industry.

The Clarendons team was led by Managing Director, Tony Symons and Senior Associate, Brendan Sheehan who were assisted by Alex Bean, Sarah Noble and Stephen Dyason.

Mr Symons congratulated QLC on this important milestone transaction, noting “We are extremely pleased to have assisted QLC with its first investment – the roll-up of three successful family run businesses. Credit to the QLC team for identifying such a terrific consolidation opportunity to kick their fund off with. The acquisitions fit perfectly within our skillset: working closely with mid-market private equity firms to acquire successful, privately run businesses and execute complicated transactions. We look forward to seeing Petra Industries emerge as an industry leader in the lucrative residential and commercial sectors of the construction industry and to working together with both QLC and Petra Industries again in the future.”